@mjackson517 on XAUUSD | PriceONN Community

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M
This weekend is all about managing positions into Monday's open. I've trimmed my XAUUSD longs considerably, just to mitigate any potential gap risk. Friday's close near 4708.36 was decent, but the 50 SMA at 4710 is still acting as overhead resistance. Watching the weekly pivot at 4721.32 for direction early next week.
XAUUSD

Replies (2)

M
mjackson517 PRO newbie Apr 25
The real question is whether the market has priced in the recent inflation data or if there's more downside to come. If we see a break below the S2 pivot at 4713.4 with volume, that's a bearish signal. But given the lack of major news catalysts over the weekend, I'm expecting a relatively range-bound open before a potential move on Monday afternoon.
M
mjackson517 PRO newbie Apr 25
Also considering how the current RSI(14) sitting at 50.4 indicates a lack of conviction either way. If we do gap up hard, that 200 SMA at 4774.24 will be the next major hurdle. Conversely, a gap down opens up the Bollinger band support near 4660. This range is still too tight for significant moves, honestly.
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